Covington Associates

Covington Associates Announces Advisory Role in the Sale of Formedix to Certara

September 17, 2012 03:48 AM  |   Press Release

Covington Associates Announces Role in the Sale of Penrith Corporation to Siemens Healthcare

Boston, MA – September 17, 2012 – Covington Associates announced its role as exclusive financial advisor to Penrith Corporation, a developer of wireless ultrasound systems for interventional guidance, in its sale to Siemens Healthcare (NASDAQ: Siemens AG (SI).


“We are very pleased to join Siemens Healthcare,” said Michael G. Cannon, President, Penrith Corporation, who upon closing of the transaction will become Siemens Ultrasound’s Vice President and General Manager, Point-of-Care Solutions. “Our portfolio and technology competence in the miniaturization of ultrasound devices will strengthen Siemens’ ability to develop pioneering technologies and future breakthrough innovations that advance and expand ultrasound’s role in medicine – specifically, innovations that are tailored to the needs and means of diverse markets.”

“This acquisition uniquely positions Siemens to bring new, meaningful solutions to the ultrasound market and to expand our presence in attractive business segments,” said Jeffrey Bundy, CEO, Siemens Healthcare Ultrasound Business Unit. “Through this acquisition, Siemens is executing its strategic focus, announced via Agenda 2013, on strengthening the Healthcare Sector’s innovative power and competitiveness. We welcome the addition of Penrith’s highly experienced ultrasound employees to the Siemens Healthcare family.”

Ben Dunn, lead advisor to Penrith Corporation and Managing Director at Covington Associates, said “The Penrith team has created a truly innovative product – the first wireless ultrasound system. With Siemens they have the opportunity to immediately access a large part of the market and grow quickly. In addition, they will be able to use Siemens Healthcare’s extensive resources to continue the development of their innovative solutions.”

About Penrith Corporation:
Penrith Corporation manufactures and distributes an integrated ultrasound imaging system and nerve stimulation system. The company was founded in 2005 and is based in Plymouth Meeting, Pennsylvania.

For more information about Penrith Corporation, visit:

About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies.